India-based public sector lender State Bank of India has launched six new bank branches under its digital banking initiative ‘sbiINTOUCH’, and will also launch up to 5,000 new ATMs this fiscal.
sbiINTOUCH will offer an array of services including instant account opening and personalized debit cards.
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The new digital branches were launched in Delhi, Mumbai, Bangalore, Chennai and Ahmedabad on the occasion of its 60th Foundation Day, while the Kolkata branch is opening shortly, as reported by PTI.
SBI chairperson Arundhati Bhattacharya was quoted by PTI as saying that these outlets would instantly provide personalized debit cards and ATM machines that accept deposits, among other services.
"In this digital store, we are bringing together the offerings from across our group companies, including insurnace, MFs, credit cards for their convenience," Bhattacharya told the news agency.
Global consultancy company Accenture has offered the required technical support as well as training of staff for the launch of sbiINTOUCH outlets.
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By GlobalDataBesides strengthening its presence in digital banking arena, the bank will also install nearly 5,000 new ATMs in current fiscal across the country aimed at enhancing the debit cards-to-ATMs ratio.
National Banking managing director A Krishna Kumar told the publication, "We are planning to add about 3,000-5,000 ATMs this fiscal."
He also hinted that the number of planned installation of ATMS could also go up.
The bank paid nearly INR991crore as an interchange fee to other banks as the number of its customers using other bank ATMs was more than customers of other banks making use of the SBI network.
Kumar told the publication that this is because the SBI’s ratio of ATM for every debit card is 1:2,500 as against the 1,500-1,700 for other banks, due to which heavy queues are seen outside its ATMs.
Kumar noted that the bank will open up to 1,000 branches this year.
